PROVIDENCE – Making immediate, electronic payments has risen to the top of the pile for business leaders when considering which financial institution to work with, according to a new survey from Citizens Financial Group Inc.
Eighty-five percent of business leaders want a banking partner who can offer real-time payment options for their companies, according to Citizens’ annual payments and treasury survey. For the first time in survey history, this offering topped other priorities such as low-cost financing and expertise in the business industry, though those considerations continued to rank highly, according to the survey.
Real-time payments let customers make payments or transfer funds electronically in an instant, which can help manage cash flow and handle transactions that require immediate attention, according to business leaders surveyed. More than 8 in 20 said real-time payments would be “somewhat” or “very” transformative to how their company manages payments, if adopted.
Other findings included:
- 83% expected their bank to use the latest technology to help their business compete.
- 83% expected their bank to offer more self-service options.
- 73% were interested in a secure, mobile treasury management platform to help automate transactions and cash positions.
Security is the No. 1 area where survey takers see room for improvement.
The survey is based on responses from 260 corporate decision-makers representing different industries with annual revenue of $1 million to $100 million or more.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
